Key benchmark indices ended lower after alternately moving between positive and negative zone in intraday trade. The barometer index, the S&P BSE Sensex, fell 83.92 points or 0.34% to 24,882.48 as per the provisional closing data. The losses for the Sensex were higher in percentage terms than those for the 50-unit Nifty 50 index. The Nifty fell 18.10 points or 0.24% at 7,597 as per the provisional closing data. The Sensex provisionally ended below the psychologically important 25,000 mark after moving past that level in intraday trade.
The Sensex rose 112.95 points, or 0.45% at the day's high of 25,079.35 in mid-afternoon trade. The barometer index fell 130.84 points, or 0.52% at the day's low of 24,835.56 in mid-morning trade, its lowest level since 18 March 2016. The Nifty rose 37.80 points, or 0.50% at the day's high of 7,652.90 in mid-afternoon trade. The index fell 32.85 points, or 0.43% at the day's low of 7,582.25 in mid-morning trade, its lowest level since 18 March 2016.
The market breadth indicating the overall health of the market was weak. On BSE, 1,553 shares declined and 943 shares rose. A total of 164 shares were unchanged. The BSE Mid-Cap index provisionally fell 0.21%. The BSE Small-Cap index provisionally fell 0.27%. The decline in both these indices was lower than the Sensex's decline in percentage terms.
The total turnover on BSE amounted to Rs 3201 crore, higher than turnover of Rs 2741.47 crore registered during the previous trading session.
In overseas stock markets, European shares reversed initial gains as weakness in oil prices and uncertainty over monetary policy in the United States prompted traders to lock in gains. Earlier during the global day Asian stocks ended on a mixed note ahead of a speech from Federal Reserve Chairwoman Janet Yellen on the US economy and monetary policy. Yellen will deliver a speech at the Economic Club of New York today, 29 March 2016. Markets globally expect Yellen to drop hints about future rate hike path.
Pharmaceuticals shares edged lower. Glenmark Pharmaceuticals (down 4.78%), Cipla (down 3.9%), IPCA Laboratories (down 3.34%), Dr Reddy's Laboratories (down 3.02%), Strides Shasun (down 2.12%), Sun Pharmaceutical Industries (down 2.07%), Aurobindo Pharma (down 1.29%), Cadila Healthcare (down 1.13%), GlaxoSmithKline Pharmaceuticals (down 0.77%) and Piramal Enterprises (down 0.66%), edged lower. Divi's Laboratories (up 0.37%), Wockhardt (up 1.05%) and Alkem Laboratories (up 1.33%), edged higher.
Drug maker Lupin edged lower in volatile trade after media reports suggested that the United States Food and Drug Administration (USFDA) has issued Form 483 observations after concluding inspection of Lupin's Mandideep unit in Madhya Pradesh. The stock fell 6.23% at Rs 1,402. The stock was volatile. The scrip hit a high of Rs 1,494 and a low of Rs 1,294.05 in intraday trade. Lupin clarified to the stock exchanges during trading hours that the USFDA inspected its Mandideep manufacturing facilities last month. Lupin said that there were total three observations from the USFDA after the inspection. As the site has both dosage form facility and active pharmaceutical ingredient (API) facility, two separate Form 483s were issued with two observations each. One of the observations was common to both these facilities. Lupin said that these observations are minor in nature and it has already addressed these observations. The company said that the management believes that the outcome of the USFDA audit will be a voluntary action and there will be no remediation required.
One of the observations erroneously quoted in news reports relates to the use of non-conforming intermediate for making API prior to 2015. This was done based on laboratory trials and scientific rationale that further processing steps were capable of producing desired quality API. All API batches and drug product batches manufactured using such APIs complied with the specifications and hence were released to market, Lupin said. Appropriate corrective and preventative actions were already implemented in 2015 and were verified by the USFDA investigator, the company said. As an abundant precaution, the company has recalled batches manufactured from this period. There is no material financial impact of the recall, according to Lupin. Lupin further said that it does not expect any disruption to product supply from the Mandideep facility. There are no pending applications from the facility, it added.
Tata Steel rose 1.10% to Rs 303.35 on reports that the company's board will meet today, 29 March 2016, where it is widely expected to announce restructuring or selling of some of the European units and job cuts to save costs.
Index heavyweight Reliance Industries (RIL) rose 1.51% to Rs 1,035.90. The stock hit a high of Rs 1,040.90 and a low of Rs 1,022.40 in intraday trade.
Index heavyweight and housing finance major HDFC fell 1.51% to Rs 1,125.60. The stock hit a high of Rs 1,142.35 and a low of Rs 1.123.35 in intraday trade.
Index heavyweight and cigarette major ITC fell 0.39% to Rs 321. The stock hit a high of Rs 327.10 and a low of Rs 319.20 in intraday trade.
Index heavyweight and IT major Infosys fell 0.89% to Rs 1,194. The stock hit a high of Rs 1,217.50 and a low of Rs 1,191.60 in intraday trade. Infosys is set to announce its Q4 March 2016 results on 15 April 2016.
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